Saratoga Investment Corp. (NYSE: SAR) priced an underwritten public offering of $85.0 million in aggregate principal amount of 8.00% unsecured notes due 2031, according to a company statement.

The offering is expected to close on Aug. 26, 2026, subject to customary closing conditions. The notes will mature on Aug. 31, 2031, and will bear interest at 8.00% per year, payable quarterly beginning Nov. 30, 2026. The company may redeem the notes in whole or in part on or after Aug. 26, 2028.

The company has granted underwriters an option to purchase up to an additional $12.75 million in aggregate principal amount of notes. The notes are expected to be listed on the New York Stock Exchange under the ticker symbol "SAX" within 30 days of the original issue date.

Egan-Jones Ratings Company assigned the notes a private rating of "BBB," which the company describes as investment grade. Egan-Jones is a Nationally Recognized Statistical Rating Organization.

Lucid Capital Markets and Oppenheimer & Co. are serving as joint book-running managers. The company said it expects to use net proceeds from the offering and available cash to redeem in full its outstanding 6.00% notes due 2027.